Investee Company Update – Nexus Underwriting Management Limited
B.P. Marsh & Partners Plc (AIM: BPM), the specialist investor in early stage financial services businesses, is pleased to note that its investee company Nexus Underwriting Management Limited (“Nexus”), in which it holds an aggregate shareholding of 18.5%, has announced that it has acquired Plus Risk Limited (“PRL”), a London based Financial and Professional Lines MGA.
PRL provides Management Liability and niche Professional Indemnity Insurance. PRL was founded in 2017 and its underwriting team is comprised of James Rasmussen and Neil Ede, who will continue in the business post transaction. James Rasmussen and Neil Ede will become shareholders in Nexus and move to Nexus' London headquarters.
James Rasmussen has over 19 years' of FinPro broking and underwriting experience, including previous roles at Travelers and Chubb. Neil Ede has over 20 years' experience in the industry, including 7 years at Chubb and 10 years at AIG.
Since BP Marsh's investment in Nexus in 2014, Nexus' Gross Written Premium has grown from £50m to an expected Gross Written Premium of £313m for the year ending 31st December 2019.
Daniel Topping, B.P. Marsh's Chief Investment Officer commented: “PRL is a natural adjunct to Nexus' FinPro product offering. The acquisition of PRL is another pleasing example of Nexus' buy and build strategy, representing the 14th transaction Nexus has undertaken since our investment in 2014.”
Colin Thompson, Nexus Founder and Group CEO has commented: “This is a strategic acquisition for Nexus and a natural addition to our existing capabilities. We are acquiring PRL at an exciting stage in its development and will look to accelerate growth through our infrastructure, distribution channels and networks.”